Peter Tapling

speaker

497 appearances 2 recordings 1 series first heard Mar 2025 last heard Jul 2025

Peter Tapling’s voice in public audio — every appearance, attributed to the second.

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Off the Rails from the U.S. Faster Payments Council - FPC · 27 March 2025 Peter Tapling on Payments Headlines, Pay by Bank, and March Madness · 27 Mar 2025 podcast

Basically, you're saying, I'm going to throw two of those three out, which is hard to think.

That's why they play the games.

Not that I don't think that they...

banks can't do anything about pay by bank, like, literally, you know, pay by bank is being offered by merchants, it's being offered by billers, a bank as a biller, auto loans, things like that, is already offering pay by bank.

But when you say what can banks do to do more for pay by bank, is a bank actually going to offer a pay by bank merchant capture capability to Walmart for the point of sale at a store?

Almost certainly not.

That's not the business that they're in.

I think that the

Now, let's put a caveat in this.

If we go pay by bank via instant payments, then banks have to be directly involved because the bank has to be involved in the app.

So if we're going to move to a Brazilian PIX type environment where I can open my bank app, scan a QR code at the point of sale, push an instant payment to Walmart, Target, Home Depot, whomever, I think that would be a great outcome.

And in that case, they absolutely have to get involved.

Well, if you go by the strict definition of fraud, no, the definition of fraud and instant payments is exactly the same.

But I think the spirit of the question is, is the likelihood of fraud in one of those systems more or less prevalent?

Bad guys are going to go to whatever the easiest thing is to steal money.

There's no reason that a fraudulent ACH transaction is any more difficult than a fraudulent instant payment transaction.

The only people who think it's different are the people who are exchanging money back and forth, right?

So in an ACH scenario, the party who's at the greatest risk is the party who acquired the transaction, the originator.

And as such, originators have put all manner of fraud and risk management in place and contractual agreements with their customers, etc, etc.

So that if one of their transactions ever goes sideways, the bank's not going to be on the hook, they are.

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